London Duo Jailed for $2 Million Crypto Fraud Scheme

BTCC / BTCC Square / Global Cryptocurrency /

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2025-07-08 00:00:02

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Two Greater London residents, Raymondip Bedi and Patrick Mavanga, have been sentenced to a combined 12 years in prison for defrauding investors of over $2 million in a fraudulent cryptocurrency scheme. The Financial Conduct Authority (FCA) revealed the duo cold-called victims to sell fake crypto investments, exploiting at least 65 individuals between 2017 and 2019.

"Bedi and Mavanga ruthlessly defrauded dozens of innocent victims," said Steve Smart, the FCA's joint executive director of enforcement. The case underscores regulatory vigilance in combating financial crime as crypto markets mature. No specific coins or exchanges were implicated in the scheme.

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